Question

Beacons Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacons Company prepared the following end-of-period spreadsheet at December 31, 20Y5, the end of the fiscal year:

	Beacons Company
	End-of-Period Spreadsheet
	For the Year Ended December 31, 20Y5
	Unadjusted Trial Balance		Adjustments		Adjusted Trial Balance
Account Title	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	10,800.00				10,800.00
Accounts Receivable	38,900.00		(a) 9,100.00		48,000.00
Prepaid Insurance	4,200.00			(b) 3,150.00	1,050.00
Supplies	2,730.00			(c) 2,180.00	550.00
Land	98,000.00				98,000.00
Building	400,000.00				400,000.00
Accumulated Depreciation-Building		205,300.00		(d) 12,000.00		217,300.00
Equipment	101,000.00				101,000.00
Accumulated Depreciation-Equipment		85,100.00		(e) 4,800.00		89,900.00
Accounts Payable		15,700.00				15,700.00
Salaries and Wages Payable				(f) 5,000.00		5,000.00
Unearned Rent		2,100.00	(g) 1,100.00			1,000.00
Common Stock		75,000.00				75,000.00
Retained Earnings		128,100.00				128,100.00
Dividends	10,000.00				10,000.00
Fees Earned		363,700.00		(a) 9,100.00		372,800.00
Rent Revenue				(g) 1,100.00		1,100.00
Salaries and Wages Expense	158,100.00		(f) 5,000.00		163,100.00
Advertising Expense	21,700.00				21,700.00
Utilities Expense	16,400.00				16,400.00
Depreciation Expense-Building			(d) 12,000.00		12,000.00
Repairs Expense	8,850.00				8,850.00
Depreciation Expense-Equipment			(e) 4,800.00		4,800.00
Insurance Expense			(b) 3,150.00		3,150.00
Supplies Expense			(c) 2,180.00		2,180.00
Miscellaneous Expense	4,320.00				4,320.00
	875,000.00	875,000.00	37,330.00	37,330.00	905,900.00	905,900.00

Required:

1.	Prepare an income statement for the year ended December 31, 20Y5. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement.
2.	Prepare a statement of stockholders’ equity for the year ended December 31, 20Y5. During the year, common stock of $25,000 was issued. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Refer to the Chart of Accounts for exact wording of account titles.
3.	Prepare a balance sheet as of December 31, 20Y5. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Refer to the Chart of Accounts for exact wording of account titles. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
4.	Based upon the end-of-period spreadsheet, journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles.
5.	Prepare a post-closing trial balance.

Answer 1

Aud) 1 Income statement for the December 31, 2015 year Ended Beacons Company Statement of Income statement (for the Year Ended December 31, 2015) Amount Particulars Revenues : fees Earned Rent Revenie $ 372.800 1,100 Total Revenues (a) $313.900 Expenses & Salaries and Wages Expense Advertising Expense Utilities Expense Depreciation Expense - Building Depreciation Expense ~ Equipment Repairs Expense Insurance Eupense Supplies Expense Miscellaneous Expense Total Expenses (62 Net Income ( a) (6) $_163,100 21,700 16,400 12,000 4.800 8,850 3,150 2, 180 4,320 $ 236,500 $ 137,400 2) Aus Preparing a statement of stockholden's Equity for the year ended December 31, 2015.

Beacons Company, (for the year Ended Statement of changes in stock holders' Equity. December 31, 2045) Common stock Retained Earning Total Equity. $_118.00 Beginning Balance $50,000 Pusuance of common $ 25,000 $ 25,000 $128,100 Stock AeldNet Pncome $ 131_400 $_131,400 Less: Dividends $(10,000) $10,000) Ending Balance of stockholders' Equity $75,000 $ 255,500 $ 330,500 common Worling Notes Common stock Beginning Balance Ending Balance in Issue the trial Balance Stock during the years $ 75,000 $25,000 Common stock $50,000 Beginning Balance Retained Earnings Balance $ 128, 100 in the trial balance is taken as as beginning balance

is assuming there movement in retained Earnings during the year. Dividends are to be reduced from the retained Earnings Account. 3 3) Aws) Prepare Balance sheet as of of December 3, 2045'. 0 Beacons Company Balance sheet (for the year Ended December 31, 2015) ASSETS Amounts Current Assets Cash $10,800 Accounts Receivable 48,000 Prepaid Pusurance 1050 Supplies 550 Total Current Assete Golra $ 60, yoo Fixed Assets land $ 98,000 Buildings 400,000 lext. Accumulated Depreciation - Building (217,300) Equipment 1'0L000 less. Accumulated Depreciation Equipment (89,900) Total fixed Assets $ 291,800

$352,200 Amounts Total Assets liabilities And Stockhollees' Equity Liabilities : Current liabilities: Accounts Payable Salaries and latages Payable Unearned rent $ 15,700 5.ooo L000 Total liabilities $ 21700 stock holders' Equity is Common stock 75,000 Retained Earnings 255,500 Total_stockholders' Equity $ 330,300 Total liabilities and stockholders' Equity $352,200 Klorling Notes Unearned Revenue is a Current Liability. It is income received in advance. Dt pis recognized as when the recognition Criterian are most met. revenue 4) Aus — . Based upon the end- of - Period - Period Spreadsheet, journalize the closing Entries. -

Credit Dec 31 $163,100 21,700 16.,400 12,000 Jowinal Entries Date Account Titles And Explanation Debit - - 2015 Income Summary_Alc Do $ 236,500 To salaues and wages Expense To Advertising Expenses To Utilities Expenses To Depreciation Expenses Building To Repairs. Expense To_Depreciation Enespenser Equipment To Insurance Expense To Supplies Expenses To Miscellaneous Expense (to close the Expenses Accounts 8,850 4,800 3.,150 2,180 4,320 2015 Dec31 fees Earned Dr. $372,800 Rent Revenue 1,100 To Income Summary . $ 373,900 2 2 Dec 31 Income Summary All Dul (To close the Revenue Accounts) 2 $ 137,400 Decal Income Summary Alc Dr $137, 400 To Retained Earnings (to transferred Net Pacome to retained Earnings)

Dec 31 $10,000 $10,000 Retained Earnings All Dr To Dividends (To close Dividendi Account

3 Ansa Post - closing Trial Balance particulars. Cash Accounts Receivable Prepaid Insurance Supplies land Buildling Accumulate Depreciation Building Equipment Accumulated Depreciation-Equlpat Accounts Payable Salaries and Wages Payable Unearned Rent ( Common stock Retained Earnings [$128,1604 $137,400 $10,000) Debit Credit $ 10,800 $ 48,000 ko 50 550 98,000 400,000 Fotogas $217,300 101,000 -89,900 15,700 5,000 L000 15,000 255,500 Total $ 659,400 $659,400

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